Dufry acquires travel-retail operations in five markets

Dufry Group, a Switzerland-based major duty free company, has acquired Argentinean airport retailer Interbaires and other four airport retail operations of the emerging markets in South America.

Acquisition of airport retailers in Argentina, Uruguay, Ecuador, Armenia and Martinique, as well as a wholesale platform has cost $957m to the company including $285m for Interbaires. The new business consolidates Dufry with 21 shops in 10 airports and a retail space of over 13,500 sq ft.

"We will start to integrate the new businesses right away and we expect to generate substantial synergies of $25m over the next two years" said Julian Diaz, CEO of Dufry.